2007-08-14 11:32:26 · 4 answers · asked by Gucci 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
The SS rate is 6.2% of the first $97,500 in wages. The Medicare rate is 1.45% of all wages. The rates are doubled for self-employed persons. Since the levies are Federal, the rates apply universally regardless of where you live or earn the income.
2007-08-14 11:45:21 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Same as anywhere else in the country. 6.2% for social security tax, and 1.45% tax for medicare. Social Security tax stops if your social security wages reach $97,500. And if you're asking about benefits, it doesn't change if you live/move to another part of the country, it's based on past earnings and age at retirement.
2007-08-15 09:40:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I applied and one my disability claim and there is no set answer. It depends on your length of work experience and how much money has been paid towards Medicare and Social Security over your work life; if you or your spouse has income; etc. I was approved in May 2007 for benefits for a claim I filed back in 2004, no one at Social Security has given me any information yet. Even when I go into the local office, there are no answers. Someone in the benefits dept. has to do the computations and decide, and there is a backlog.
2007-08-14 18:41:28 · answer #3 · answered by michelle j 1 · 0⤊ 2⤋
If you are talking about the deduction from your paycheck, the two will total 7.65% in all states.
2007-08-14 20:25:47 · answer #4 · answered by Judy 7 · 1⤊ 0⤋